# In the matter of Sanjeevan Heart Centre Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01288. The case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01288
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanjeevan-heart-centre-limited-11dfb5a5

## Summary

### Background

The case involves a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Sanjeevan Heart Centre Limited, seeking voluntary liquidation. The company, incorporated in 2005, resolved to voluntarily liquidate due to not carrying on any business and not earning any profits. The directors declared that the company has no debts and is not being liquidated to defraud anyone. The members passed a special resolution to liquidate the company and appointed Mr. Manoj H. Shah as the liquidator.

## Facts

Sanjeevan Heart Centre Limited, incorporated on 27.10.2005, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's authorized share capital was Rs. 75,00,000, divided into equity and redeemable preference shares. As of the commencement of voluntary liquidation, the issued, subscribed, and paid-up share capital was INR 29,32,500. The company's directors, including Mrs. Sunita Ashok Pawar, declared that the company had no debts and was not being liquidated to defraud anyone. A special resolution was passed on 09.05.2022 to liquidate the company voluntarily, and Mr. Manoj H. Shah was appointed as the liquidator. The liquidator made public announcements and submitted reports as required by the IBBI

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## Issues and analysis

### Issue 1: Whether the affairs of the company have been completely wound up and its assets completely …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The Tribunal examined the submissions made by the counsel for the petitioner and the

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**Interpretation:** Section 59 of the IBC is interpreted to allow for the dissolution of a company

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**Application:** In this case, the Tribunal found that the liquidator had complied with all the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Sanjeevan Heart…
- **Advocates:** Manoj…

## Timeline

- **2005-10-27 — Company Incor…**: Sanjeevan Heart Centre Limited was…
- **2022-04-15 — Board Reso…**: The Board of Directors resolved to…

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